Bitcoin marks over USD64,000
Date
2/29/2024 6:35:54 AM
(MENAFN) In a remarkable surge, the price of Bitcoin, the world's most valuable cryptocurrency, soared beyond the USD64,000 mark at 17:15 GMT on Wednesday, closely approaching the all-time high recorded in November 2021, as reported by CoinDesk. However, by 23:59 GMT, the digital currency experienced a slight retracement, still maintaining a robust position above USD62,000.
This surge in Bitcoin's value marks the fifth consecutive day of substantial gains, driven in part by increased inflows into United States-based spot Bitcoin exchange-traded funds (ETFs). These ETFs provide a vehicle for retail investors to indirectly hold Bitcoin through funds traded on exchanges. The introduction of ETFs in early January has played a pivotal role in propelling Bitcoin's value, contributing to an impressive 40 percent surge thus far.
This recent surge has propelled the total value of all circulating bitcoins beyond USD2 trillion this month, a milestone not achieved in the past two years, as reported by CoinGecko via Reuters. The cryptocurrency had previously reached an all-time high of USD68,982.20 in November 2021, only to experience a significant dip to around $29,000 in July 2022 amid uncertainties related to criminal charges against Binance founder Changpeng Zhao and concerns about economic challenges in China.
The resurgence of Bitcoin to near-record levels underscores the resilience of the cryptocurrency market and its ability to rebound from periods of volatility. As the digital asset continues to gain mainstream acceptance, the role of ETFs and upcoming events, such as the halving, will likely play a crucial role in shaping Bitcoin's trajectory in the global financial landscape. Investors and enthusiasts alike are closely monitoring these developments, anticipating the potential for further milestones in the dynamic and evolving world of cryptocurrencies.
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